The Ripple cryptocurrency is set to break $1
After the sale of most cryptocurrencies earlier this week, the Ripple (XRP) appears to have gained attention. The Ripple depreciated sharply and the bearish outlook reduced it from 60 cents to 0.52 cents.
While a drop of more than 10% in the field of cryptocurrencies isn't much of a problem, for many investors who are completely inexperienced, it can be a painful experience.
After making up for some of his losses, Ripple is expected to end play on the green this week. At the time of this writing, the alternative currency trading price was close to $0.58.
Currently, several buy signals are attracting bulls to Ripple, as market participants predict that once the Securities and Exchange Commission decision (which may favor Ripple) is released, the cryptocurrency will hit a higher price in the next few years. days.
At the same time, the price of whales remains above $0.60.
It is important to note that the Ripple trading trendline has been in existence for at least a month. This shows that the asset has successfully overcome most obstacles that impede upward movement. Remember that 50 SMA limits upward movement. For this reason, bulls will have to raise the XRP to $0.70.
Ripple cryptocurrency is ready to break $1
The RSI confirmed that the bulls were temporarily controlling Ripple's network. Technical tools show that the asset has the strength to ensure upward movement. Relative Strength Index fluctuated from the oversold area to the midline, showing a bullish outlook.
If the RSI maintains its momentum towards the overbought zone, the XRP will overcome its main hurdle when it approaches $1.
After Elon Musk and Jack Dorsey made a bullish statement at the B-Word conference, the cryptocurrency market appears to be enjoying an uptrend.